Convergys shares rise on Credit Suisse upgrade

MichaelPaige

LOS ANGELES (MarketWatch) -- Convergys Corp.'s stock
CVG, +0.70%
rose over 3% on Friday, buoyed by an upgrade by an analyst at Credit Suisse. Brandon Dobell, the analyst, lifted his recommendation on the stock to outperform with a target price of $22, up from a prior neutral stance and $16 target. Plans by Convergys to break out the financials of its employee care business will serve as a near-term catalyst for the stock, while increased capital efficiency is a "hidden jewel" longer term, he told clients in a note. Shares of the business-process outsourcing company gained 57 cents to $17.87 at midday.

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